Also, considering offering to let the new tenant choose the carpet - with a budget - they can pay extra if they want to upgrade. 

I believe that Sterling upgraded Christian Park as it used to be a D, but I've loved the area for almost 2 years now.

We'll slowly do things like upgrade the electrical to accommodate a new tankless water heater as well as solar eventually as our kids grow up in the nice neighborhood walking distance from good elem. school.

Funny thing is the second appraiser was the same guy who appraised the property when I originally purchased it 16 months ago and after all repairs and upgrades he only appraised it 8k above his initial appraisal. 

Capex had been addressed by previous owner, but cosmetics were due for upgrading.

I should have upgraded the electric - I got beat up on the inspection when selling.

Secondly, we have always upgraded with our resort - every single year since we have owned it.

This seems like a significant structural upgrade and you only benefit from 1 additional bedroom.

A 203k loan will be a good percentage more in the interest rate compared to traditional FHA so if there are only a few needed upgrades FHA may be better.

Let me know if this sounds like a good investment:$10000005800sf building12 units (10 units=410sf, 2 units=710sf)410sf rent for $645/mo710sf rent for $990/mo4 parking spots Central Phoenix Taxes are $3500/yearTenants pay electricWater sewer garbage landlord paysUpdated one year ago ($25000 per unit according to seller) Looks modern with nice upgrades according to the picsGated with key card accessHow would I know if this is good or not.